Overseas Chinese Equities, Aequitas Research

Ming Lu

A veteran with 19-year experience in equity research.

Geographical coverage:
* Companies operating in China, but listed in Hong Kong and the U.S.
* Previously China A-share (listed in mainland China).

Equity sector coverage:
* Chinese App / Internet-based consumption in China, e.g., Alibaba, Tencent, etc.
* Previously covered education, transportation, telecom, power, bank, advertisement, hotel, etc.

Research methods:
* Generally bottom-up.
* Talk to related people on the ground.  Talk to readers and independent writers for analyzing a news portal.  Talk to parents and teachers for analyzing a tutoring school. 
* Visit stores and show photos as evidence in notes.
* Do technical analysis when finding a short-seller attacking an equity.

Languages:
* English
* Mandarin Chinese (Official language of China)
* Shanghainese (Language of Shanghai, the most developed city in China)
* Cantonese (Language of Hong Kong and Canton Province, one of the most developed provinces in China)

Overseas Chinese Equities

Lalatech Holdings Pre-IPO - Refiling Updates - Growth and Profit Pickup but Valuation Gap Remains

Lalatech Holdings Limited Pre-IPO - Thoughts on Valuation - Needs a Very Big Cut from Pre-IPO Rounds

Lalatech Holdings Limited Pre-IPO - Peer Comparison - Not the Largest but Pulling Its Weight

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Lalatech charges drivers more commissions but less membership fees to raise the general fees.</li>
<li>Drivers went on strike to protest against the income squeeze, but they did not  achieve their target.</li>
<li>We believe Lalatech is the dominator of the low-end truck-hiring market.</li>
</ul>


Lalatech charges drivers more commissions but less membership fees to raise the general fees.
Drivers went on strike to protest against the income squeeze, but they did not  achieve their target.
We believe Lalatech is the dominator of the low-end truck-hiring market.


Lalatech (货拉拉) Pre-IPO: To Understand Revenue Growth from Drivers’ Complaints and Strike